Treasury may raise longstanding bank reporting thresholds and take into account how long financial institutions have known their customers, Treasury Secretary Scott Bessent told lawmakers Tuesday (Sept. 15). House Financial Services Committee Chairman French Hill, R-Ark., asked Bessent about updating thresholds for Suspicious Activity Reports...
Revolut continued its global expansion by securing a bank license in Colombia, the company said in a Tuesday (Sept. 15) press release. The license to operate (licencia de funcionamiento) from the Superintendencia Financiera de Colombia (SFC) is the last of the regulatory requirements Revolut needs...
California’s top consumer regulator is signaling a potentially far-reaching approach to policing artificial intelligence: If state law requires a human to hold a license to perform a service, deploying AI to perform the same function may not provide a way around that requirement. Rohit Chopra,...
Connecticut expanded its campaign against sports event prediction markets beyond Kalshi. Last week, the state issued cease-and-desist orders to nine companies and nearly 30 subpoenas that reach payment processors, app stores, identity-verification providers, sports-data businesses and media organizations. The Connecticut Department of Consumer Protection’s actions,...
Elon Musk’s xAI and X have reportedly dropped their antitrust case against Apple. Those companies had accused Apple of favoring OpenAI’s ChatGPT over other chatbot makers, but have now asked a federal judge for permission to voluntarily dismiss the case, Bloomberg News reported Monday (Sept. 14), citing a court filing. Still, the claims the...
A pair of regulatory actions issued Friday (Sept. 11) could change how banks think about third-party risk. The Federal Reserve Board, the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency and the National Credit Union Administration proposed replacing existing third-party risk-management...
California has moved beyond requiring companies to examine the risks of artificial intelligence and has begun regulating the people hired to perform those examinations. Gov. Gavin Newsom on Wednesday (Sept. 9) signed two bills that California described as the nation’s first framework for independent AI verification organizations...
The latest wave of bank charter activity is producing institutions that may share a federal regulator while bearing little resemblance to one another. Revolut wants a national bank that could take insured deposits, offer credit cards and make loans. Circle has received final approval for...
Kalshi obtained regulatory permission to list precious metals-related perpetual futures on its platform, CNBC reported Thursday (Sept. 10). The Commodity Futures Trading Commission, which oversees derivatives contracts, approved the listing of the gold and silver perpetuals this week, the report said. Kalshi first won approval...